Crypto users are well aware of the recent progress Bitcoin has made by reaching a new record level. Keeping in view the usual practices, when Bitcoin (BTC) sees a good time, the following cryptocurrencies also take the positive affect. While this may be true in most cases, this time it seems not so accurately true. Cardano (ADA) users are still waiting for a hopeful catalyst to take an upswing. The ADA price has not budged any bit in October and trading at the same time. What exactly is that Cardano users are looking for at this moment? Let’s have a look at the ADA price prediction to find out.
Underperformance Against Rivals
Completely ignoring the recent excitement of the overall crypto market, ADA is continuing to rest at the same level since the start of the month. Cardano has considerably underperformed against some of the closest competitors including Bitcoin, Ethereum, and Binance Coin.
The poor performance of ADA in the race despite being 4th most valuable cryptocurrency is keeping it $10b behind Binance Coin (3rd place).
Desperate Need for Bullish Catalyst
Cardano (ADA) is currently desperate to find a catalyst move to push the momentum from steady to moving towards the bulls. At this point, an upswing can turn highly fruitful for the users.
ADA Price Prediction
Believe it or not, the recent picture of the daily chart shows that ADA is looking for a catalytic move. After witnessing the September’s high of $3.16, the price has been trending relatively lower on the charts. This resulted in a symmetrical triangle formation offering support at $2.00. At this point, it is critical for Cardano to either break above the current resistance or move below the current support to pick a direction. While there are equal odds of both, we can not really say if the direction will be bullish.